SBIL vs. CDX

Last updated Jun 4, 2026

SBIL (Simplify Government Money Market ETF) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both exchange-traded funds - SBIL is a Money Market fund actively managed by Simplify, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. At a 0.11 correlation, their price movements are largely independent. SBIL charges 0.15%/yr vs 0.26%/yr for CDX.

Performance

SBIL vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Government Money Market ETF (SBIL) and Simplify High Yield PLUS Credit Hedge ETF (CDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBIL achieves a 1.51% return, which is significantly higher than CDX's -2.44% return.

SBIL

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CDX

• 1D: -0.19%
• 1M: -0.71%
• YTD: -2.44%
• 6M: -2.70%
• 1Y: -1.77%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SBIL vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025
SBIL Simplify Government Money Market ETF	1.51%	1.88%
CDX Simplify High Yield PLUS Credit Hedge ETF	-2.44%	1.39%

Correlation

The correlation between SBIL and CDX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.11

Return for Risk

SBIL vs. CDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CDX

CDX Risk / Return Rank: 5
CDX Sharpe Ratio Rank: 6
CDX Sortino Ratio Rank: 5
CDX Omega Ratio Rank: 5
CDX Calmar Ratio Rank: 5
CDX Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SBIL vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Government Money Market ETF (SBIL) and Simplify High Yield PLUS Credit Hedge ETF (CDX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SBIL	CDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	14.09	0.38	+13.71

Drawdowns

SBIL vs. CDX - Drawdown Comparison

The maximum SBIL drawdown since its inception was -0.03%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for SBIL and CDX.

Drawdown Indicators

	SBIL	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-13.24%	+13.21%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.18%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-8.88%	—
Current Drawdown Current decline from peak	0.00%	-7.41%	+7.41%
Average Drawdown Average peak-to-trough decline	-0.00%	-4.34%	+4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.77%	—

Volatility

Volatility by Period

	SBIL	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	5.69%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.28%	11.10%	-10.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.28%	11.10%	-10.82%

SBIL vs. CDX - Expense Ratio Comparison

SBIL has a 0.15% expense ratio, which is lower than CDX's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SBIL vs. CDX - Dividend Comparison

SBIL's dividend yield for the trailing twelve months is around 3.26%, less than CDX's 8.37% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	8.37%	7.18%	12.60%	5.26%	7.51%
SBIL Simplify Government Money Market ETF	3.26%	1.79%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SBIL and CDX in my portfolio?

SBIL and CDX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SBIL or CDX?

On fees, SBIL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SBIL or CDX?

SBIL is cheaper with a 0.15% expense ratio, compared with 0.26% for CDX.

Which ETF pays a higher dividend yield, SBIL or CDX?

CDX has the higher dividend yield at 8.37%, compared with 3.26% for SBIL.

What is the main difference between SBIL and CDX?

SBIL is categorized as Money Market, while CDX is High Yield Bonds. Their fees differ too: 0.15% for SBIL and 0.26% for CDX.